Deere fourth-quarter income misses expectations
MINNEAPOLIS – Farm and construction gear maker Deere & Co. reported a bigger fourth-quarter profit as it sold more equipment at higher prices, but results still missed analyst expectations.
Deere said its net income rose 2.7 percent to $687.6 million, or $1.75 per share for the quarter ended Oct. 31. Revenue rose 14 percent to $9.79 billion. Analysts surveyed by FactSet had been expecting earnings of $1.88 per share. A year ago, Deere’s net income was $669.6 million, or $1.62 per share.
Deere revenue got a boost from a 4 percent increase in prices, although some of that gain was offset by unfavorable foreign currency exchange that hurt sales by 3 percent.
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